SLO County is one of the 10 most expensive places to finance a home in California, site says
San Luis Obispo County is one of the top 10 most expensive counties to finance a home in California, according to a new study by real estate data analysis website SmartAsset.
SmartAsset looked at mortgage interest rates, loan value and median home value to come up with a composite score for each county in the United States, creating the Most Expensive Index.
Marin County topped SmartAsset’s California home financing cost list with a total financing cost of $2.94 million, leading the list’s Most Expensive Index with a score of 57.06.
Marin County was the fourth-most expensive county to finance a home in the United States, the study found.
The median home value in SLO County is $842,785, and interest rates in the county are estimated at 6.77%, the SmartAsset report said.
The total interest that can be accrued on a loan in San Luis Obispo County is around $902,803, according to SmartAsset.
In total, it costs a little more than $1.745 million to fully finance a home in SLO County, the report found.
As a result, San Luis Obispo County scored a 33.44 on SmartAsset’s Most Expensive Index, a composite score based on interest rates, loan value and median home value.
The county ranked 10th in the state and 25th nationally in terms of the total cost to finance a home.
Elsewhere on the Central Coast, Santa Barbara County landed at No. 9 on SmartAsset’s list of the most expensive California counties and No. 24 nationwide for home financing, with a median home price of $891,238 and a Most Expensive Index score of 33.74.
However, Santa Barbara County’s estimated interest rate of 6.26% and total interest value of $869,365 were slightly lower than those in SLO County, resulting in a slightly higher total home finance cost of $1.76 million.
According to SmartAsset, Monterey County is a less expensive place to finance a home overall, ranking 17th in the state and 37th nationally.
SmartAsset estimated interest rates in Monterey County at 6.39%, with a median home value of $782,522 and a total interest value of $782,239.
That gave Monterey County a total home finance cost of $1.56 million, SmartAsset found.
Here are the top 20 most expensive counties in California to finance a home, according to SmartAsset:
Marin County
San Mateo County
Santa Clara County
San Francisco County
Santa Cruz County
Alameda County
Orange County
Napa County
Santa Barbara County
San Luis Obispo County
San Diego County
Contra Costa County
Ventura County
San Benito County
Los Angeles County
Sonoma County
Monterey County
Mono County
Placer County
El Dorado County
